Council of the European Union and European Parliament 30 May 1994, Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes

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Directive 94/19/EC of the European Parliament and of the Council establishes a harmonized minimum framework for deposit-guarantee schemes across the European Community, requiring each Member State to introduce and officially recognize one or more such schemes covering aggregate deposits per depositor up to ECU 20,000 in the event of unavailable deposits. Key provisions mandate that all authorized credit institutions become members of a recognized scheme, that branches of credit institutions operating in other Member States be covered by their home-State scheme (with optional supplementary cover through host-State schemes), and that depositors receive verified claims within three months of a determination of unavailability. Certain categories of deposits and depositors are excluded from guarantee coverage as listed in Annex I, and Member States were required to transpose the Directive into national law by 1 July 1995.AI